OPEC+ Keep Production Increase of 400,000 bpd

OPEC+ agreed on Thursday, to further maintain the production increase of 400,000 barrels per day, all through the next coming December, 2021.

The organization with its independent producers’ alliance, are set to meet for the second time, on December 2nd.

Latest meeting within the framework of the alliance was to deliberate on the volume of oil production, in December, under pressure from consuming countries to increase output. 

In the framework of the “OPEC Plus” agreement, the ministers of the 13 member states of the organization and ten of its allies, met via video link.

After rising by more than 2.7%, oil prices slightly fell by less than 02% after the meeting outcomes gone viral, with Brent crude reaching $83.33 a barrel, up 1.6%, and US crude rising 1.37% to $81.97 a barrel.

Oil and distillate inventories in the United States increased last week, but gasoline stocks decreased, according to the Energy Information Administration.

In a weekly report, the government agency said oil stocks jumped 3.3 million barrels to 434.1 million barrels, in the week ending October 29, outpacing a 2.2-million-barrel increase, widely expected by the majority of analysts, polled by Reuters.